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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

4. Subsection 60(3) of the Act is repealed.

Marginal note:2001, c. 9, s. 63; 2007, c. 6, par. 132(a)

5. Subsection 138(1.1) of the Act is replaced by the following:

  • Marginal note:Number of eligible votes

    (1.1) A bank with equity of twelve billion dollars or more shall set out in the notice of a meeting the number of eligible votes, as defined under subsection 156.09(1), that may be cast at the meeting as of the record date for determining those shareholders entitled to receive the notice of meeting or, if there are to be separate votes of shareholders at the meeting, the number of eligible votes, as defined in that subsection, in respect of each separate vote to be held at the meeting.

Marginal note:2001, c. 9, s. 67; 2007, c. 6, par. 132(b)

6. Subsection 156.09(2) of the Act is replaced by the following:

  • Marginal note:Restriction

    (2) At a meeting of shareholders of a bank with equity of twelve billion dollars or more, no person and no entity controlled by any person may, in respect of any vote of shareholders or holders of any class or series of shares of the bank, cast votes in respect of any shares beneficially owned by the person or the entity that are, in aggregate, more than 20 per cent of the eligible votes that may be cast in respect of that vote.

Marginal note:2001, c. 9, s. 73; 2007, c. 6, par. 132(c)

7. Subsection 168(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Subsection (2) does not apply to a widely held bank with equity of twelve billion dollars or more or to a bank in respect of which subsection 378(1) applies.

Marginal note:2001, c. 9, s. 84; 2007, c. 6, par. 132(d)

8. The portion of subsection 223(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Restriction

    (3) Despite subsection (1), if the amalgamated bank would be a bank with equity of twelve billion dollars or more, the Minister shall not issue letters patent referred to in that subsection unless the amalgamated bank is

Marginal note:2005, c. 54, s. 57

  • 9. (1) Subsection 273(1) of the Act is replaced by the following:

    Marginal note:Distribution

    • 273. (1) No person, including a bank, shall distribute securities of a bank that is not a federal credit union except in accordance with the regulations made under subsection (2).

  • Marginal note:2005, c. 54, s. 57

    (2) The portion of subsection 273(2) of the Act before paragraph (b) is replaced by the following:

    • Marginal note:Regulations

      (2) The Governor in Council may make regulations respecting the distribution of securities of a bank that is not a federal credit union, including

      • (a) respecting the information that is to be disclosed by such a bank before the distribution of any of its securities, including the information that is to be included in a prospectus;